Common Franchise Hurdles

Date

Nov 04, 2015

You’ve decided you're ready to be your own boss and make a
little money to boot. Before you ride off into the sunset, you've
got to do some intense research and tackle some obstacles along the
way. Take a look at the following common franchise hurdles so
you've got a better shot at your moment in the sun.

Being Tempted By the Wrong
Opportunity

The numbers are fabulous, the investment is affordable and
everyone you've talked to seems great. However, you still have the
nagging sensation in your stomach that something isn't quite right
about this hot opportunity you found, and you're not sure what
do.

One obstacle in your franchise search is the lure of the "hot"
opportunity. It seems perfect on paper, but something isn't adding
up or sitting right with you. It could be simply something about
the business that doesn't fit with your personal goals or lifestyle
or that it's not all that it appears to be. Either way, don't get
lured in by the hot prospect that will only burn you later, either
financially, personally or both. Due diligence, an honest
self-assessment and listening to your instincts will help you look
past the wrong choices and find the right fit.

Having the Will, But Not the
Way

Franchises involve a initial fee, royalties and other cash as
part of the total and ongoing investment. It can seem difficult to
get the money together, but you do have options. Local lenders and
the Small Business Administration offer loans to people looking to
get a franchise, and the franchiser might offer financing
themselves to qualified borrowers. Don't count yourself out if you
don't have all the money for the franchise you want upfront.
Determine what you can afford to take on in terms of borrowing, and
then look at the pros and cons of all the financing options
available to you.

Rome wasn't built in a day, and your franchise won’t be, either.
However, the common obstacles involved in getting a franchise
outlined above can be overcome with a little bit of research and
planning. Prepare yourself to handle whatever comes your way so you
can start on your path to success.